1. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $29,000 2. Record the merchandise had cost Mesa $19,778 3. Record cash received within discount period 4. Record cash received after discount period I just need to know the general journal, Debt, and Credit

1. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $29,000 2. Record the merchandise had cost Mesa $19,778 3. Record cash received within discount period 4. Record cash received after discount period I just need to know the general journal, Debt, and Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(A) Zafar Bookstore returned certain merchandise, which it had purchased, from National Book Foundation. National Book Foundation allowed the bookstore full credit for this return against the account receivable from the bookstore. The returned merchandise had been purchased by Zafar Bookstore for $6,000, terms 2/15, N/35. Zafar Bookstore records purchases of merchandise net cost of any available cash discounts. Instructions: Prepare journal entries to record the return of this merchandise in the accounting records of (a) Zafar Bookstore and (b) National Book Foundation. Assume that the cost of the merchandise to National Book Foundation had been $3,800. (B) At May 31, the accounts receivable of Bestway Cement amounted in total to $705,600. The company uses the balance sheet approach to estimate bad debts and had prepared an aging schedule of accounts receivable at May 31, which indicates an expected loss of $18,468. You are to prepare as of May 31 the adjusting entry required…
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
Sold merchandise that cost $800 to art co. For $1200 under credit terms of 2/15, n/60,FOB shipping point, invoice dated July 19. How do I getCash credit/debitSales discounts. credit/debitAccounts receivable-Art. credit/debit
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Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash payments journal. Journalize the following transactions that should be recorded in the cash payments journal. Apr. 3 Purchased merchandise for $2,950 on credit from Seth, Inc., terms 2/10, n/30. 9 Issued Check No. 210 to Kitt Corp. to buy store supplies for $650. 12 Sold merchandise costing $500 to C. Myrs for $770 on credit, terms n/30. 17 Issued Check No. 211 for $1,400 to pay off a note payable to City Bank. 20 Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30. 28 Issued Check No. 212 to Lite to pay the amount due for the April 20 purchase less the $90 discount. 29 Paid salary of $1,800 to B. Dock by issuing Check No. 213. 30 Issued Check No. 214 to Seth, Inc., for $2,950 to pay for the April 3 purchase.
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $12,400, terms 1/10, n/30. Barans returned merchandise with an invoice amount of $1,900 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.
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Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done